The University Property
Accounting Section of the Department of Financial Reporting and Analysis
is responsible for maintaining an accurate record of all inventoriable equipment
in the possession of the University. To this end, it reviews all invoices
for purchases of equipment to assure that the equipment is recorded in property
records.

EQUIPMENT OWNED BY THE UNIVERSITY (usually bearing the bar coded UVA asset
tag) with a unit acquisition cost of $2,000 or more and an expected useful
life of one year or longer. Accessories/attachments/components are considered
equipment if the unit cost is $2,000 or more or they are acquired with a
base unit costing $2,000 or more. Books, periodicals, carpeting, draperies,
and fine art are not considered inventoriable equipment.

GOVERNMENT-OWNED PROPERTY ACQUIRED BY THE UNIVERSITY ON A GRANT OR CONTRACT
which meets the above criteria for University-owned equipment.

GOVERNMENT-FURNISHED ITEMS regardless of cost.

ITEMS ACQUIRED FROM FEDERAL/STATE SURPLUS with a fair market value of
$2,000 or more, regardless of the amount actually paid.

FABRICATED EQUIPMENT built by University shops and laboratories for which
the total cost of materials, specifically allocated salary charges, and
supplies exceeds $2,000.